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Hugo Boss Q3 profit up 18% Wednesday, 2nd November 2011
The German fashion house leads the luxury sector again with impressive third quarter results.
Hugo Boss confirmed its outlook for 2011 as it reported forecast-beating third quarter results this week.
It will be good news for the premium and luxury sector, and another sign that it has not yet been hit by the global economic downturn.
"We are very confident that we will reach our sales and earnings forecast for the year as a whole," Chief Executive Claus-Dietrich Lahrs said in a statement on Wednesday, adding this was based on strong growth in China and the United States.
The group is now aiming to grow sales by between 15 and 17 per cent on a currency neutral basis and core operating profit by between 25 and 30 per cent for 2011 as a whole.
Hugo Boss reported an 18 per cent rise in third quarter earnings before interest, tax, depreciation, amortisation and special items to EUR 177 million.
It also reported EBIT of EUR 159.7 million and sales up 16 per cent on a currency neutral basis to EUR 615 million, ahead of the average analyst forecasts for EUR 148 million in to Reuters poll.